Before Lin Baicheng could receive any notice about the date of Cangjiang Industries' shareholders' meeting, he got an unexpected call—from shipping tycoon Bao Yugang, inviting him for afternoon tea to "discuss something important."
Naturally, Lin wouldn't refuse such an invitation.
That afternoon, they met at the Peninsula Hotel, a favorite spot among Hong Kong's elite for afternoon tea.
When Lin arrived, Bao was already seated, waiting with a calm smile.
"Mr. Bao, sorry to keep you waiting."
"Not at all," Bao replied pleasantly. "I came early."
A waiter came by, and Lin ordered a few light refreshments.
Bao didn't get straight to business. Instead, he struck up a casual conversation.
"Mr. Lin, your television show Who Wants to Be a Millionaire on Asia Television has been incredibly popular lately. Every newspaper in town seems to be writing about it."
Lin chuckled with mild exasperation.
"Popular, yes—but now some papers are starting to criticize it. I honestly thought we'd have a champion by now, but after so many episodes, no one's managed to answer all fifteen questions correctly. Now the press is accusing the network of deliberately making the questions too difficult. They don't realize the production team's actually been lowering the difficulty lately!"
Bao laughed.
"Don't mind the newspapers, Lin. Sensationalism is their lifeblood. They'll say anything to sell a few extra copies."
"Mr. Bao, you're absolutely right," Lin agreed, though a faint irritation flickered in his eyes. A few newspapers had hinted—without naming him—that he was being stingy. He couldn't even sue them, since they'd been careful not to cross the line. That was what truly annoyed him.
The two chatted a while longer before Bao finally turned serious.
"Mr. Lin, the reason I asked you here today is because there's something I want to discuss."
"Please, go ahead."
Lin wasn't surprised. Bao had already hinted on the phone that there was a specific matter at hand.
Bao hesitated briefly, then said:
"It's about Li Jiasheng of Cangjiang Industries. He came to see me recently."
He paused, choosing his words carefully.
"Ever since the oil crisis a few years ago, I've grown pessimistic about the shipping industry. I've been gradually reducing my fleet, preparing to come ashore, so to speak—to shift my investments to land-based enterprises."
"Because my business has long been tied to shipping, I've always been familiar with Wharf Holdings. Its port and cargo business complement my shipping ventures, and its real estate portfolio provides a perfect bridge for my move into property development."
"Originally, I planned to quietly acquire Wharf shares on the market, but I soon realized someone else was already acting. To avoid alarming Jardine Matheson, I decided to wait for a better time."
"Then, just yesterday, Mr. Li from Cangjiang came to see me. His insight is remarkable—he knew Wharf suited my plans perfectly, and that I've been preparing to leave the shipping trade. He offered to sell me a portion of his Wharf shares, and he also mentioned you, Mr. Lin. That's why we're meeting today."
Lin's expression darkened.
"Li Jiasheng went to Bao Yugang? Clever bastard. That's classic Li Jiasheng—shifting the problem onto someone else."
He couldn't help but feel annoyed. Li's response was fast and precise. It was no wonder the man would one day become Hong Kong's richest tycoon. Having Bao Yugang as the new shareholder in Wharf would certainly complicate matters.
"Mr. Bao, may I ask how many shares Li transferred to you—and at what price?"
Bao didn't hide it.
"Li said he owns a little over nine million Wharf shares. He offered to sell me five million of them at HK$15 per share, keeping the rest for himself. But there was a condition—he wanted me to help him buy your shares in Cangjiang Industries."
Lin frowned. The math was clear. Li had acquired his Wharf shares at around HK$21 per share. Selling at 15 meant losing HK$6 per share—a total paper loss of HK$30 million—just to bring Bao into the picture and push Lin out of Cangjiang. But Lin knew Li was playing the long game.
Once Bao entered the scene, the Wharf acquisition battle would heat up, driving up the stock's value. Li could later sell his remaining shares at a higher price, turning that temporary loss into a future windfall.
Bao's transparency wasn't altruism—it was strategy. He knew that without being honest, there was no convincing Lin to sell his Cangjiang stake.
Lin's voice hardened.
"So he's selling to you at fifteen dollars a share—but demanded twenty-five from me. How generous of him."
"Mr. Bao," Lin continued, "to be frank, I've had my eye on Wharf since last November. I wanted to acquire controlling interest. But before I could act, Li suddenly jumped in and scooped up large blocks of stock, forcing me to hold off."
"Now, I've raised new capital for another attempt. I started from Cangjiang, hoping to exchange my shares with Li's, but not only did he refuse—he's now turned to you."
Bao nodded thoughtfully. He knew convincing Lin to back off would be difficult. After all, selling Wharf was one thing; giving up control of it was another.
"Mr. Lin," Bao said, "I'm willing to buy all your Wharf shares for HK$30 per share—a 150% premium. And I'll also take your Cangjiang Industries shares at HK$20 apiece. What do you say?"
It was an incredibly generous offer. If Lin accepted, he could easily make over HK$100 million in profit.
But Lin shook his head without hesitation.
"I appreciate the offer, Mr. Bao—but I want Wharf. This is already my second attempt to acquire it, and I don't plan to stop halfway."
Bao wasn't surprised by the refusal. Instead, he tried a different angle.
"Then how about this—you and I join forces. We can take control of Wharf together, wrest it from Jardine Matheson's hands."
Lin smiled faintly.
"And who would be in charge once we have it?"
That was the heart of the problem. A shared victory was meaningless if he didn't hold control. And realistically, with Bao's deeper pockets, Lin knew who would end up on top.
Bao fell silent at that. He understood perfectly. The idea of co-owning a company like Wharf was a fantasy. Neither of them would be content to take orders from the other.
Yet giving up wasn't easy either. For Bao, Wharf was the cornerstone of his plan to abandon the sea and build his future on land. To let go now would be unthinkable.